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Get the best travel insurance deal

12 February 2011 13:09

Get the best travel insurance deal

Many people spend January researching and booking holidays for the year ahead, but have they got the best deal on their travel insurance? And did they even consider the different type of policies?

Often people don't realise that there are a wide range of travel insurance options on offer, depending on when, where and with whom they travel. Many policies can be tailored to suit the individual needs of travellers and can cost less than £25.

The first choice when buying travel insurance should always be whether to opt for an annual multi trip policy, or a single trip policy. There are pros and cons for both, from cost, flexibility, level of cover and eligibility but many people miss out on getting the best deal by going for what may be seen as the cheap and easy option.

Martin Rothwell, Managing Partner of travel insurance specialist, World First Travel Insurance, offers advice on getting the best deal and finding the right policy, he said, "Travellers need to be savvy when it comes to choosing their travel insurance. They need to be careful not to fall into the trap of buying a 'one size fits all' policy or being sold something that doesn’t meet their needs."

He continues. "People often contact us because they are having trouble getting a renewal on their annual policy due to changes in their medical history or simply the increased cost. In cases like this we often find that by looking at their travel plans they would be better off taking out single trip insurance, rather than an annual policy anyway.

"We are all creatures of habit and we have found consumers often renew policies year on year without shopping around or finding something that's tailor made. There are benefits of considering different types of travel insurance. There is so much choice out there and with a bit more information travellers should be able to get a better deal and a better policy."

Generally speaking, travel insurance can be tailored to suit most individuals and their chosen holidays. One of the main considerations when buying a policy can be the cost and this is often the basis of choosing one policy over another, rather than evaluating the other pros and cons before making a decision.

In 2010 World First noticed a trend towards single trip policies. They say there may be a number of reasons for this, such as travellers being cautious due to travel disruption, the increased cost of living and uncertainly in their work and the economy.

The relatively low cost of a single trip policy makes it appealing, however if you take more than one holiday or trip abroad, an annual policy will work out as the cheaper option.

There are a few key points to consider when buying a travel insurance policy:

  • Annual cover is harder to find after the age of 65, although World First offer policies up to the age of 74;
  • Single trip policies are more readily available for travellers over 65 and World First can insure people up to the age of 100;
  • Travellers with pre-existing medical conditions may find it harder to get an annual policy but should seek out specialist medical travel insurance for the best deal;
  • Insurers are more likely to provide a single trip policy to someone with a medical condition, as they can better assess the risk for a one-off, compared to an annual policy, which covers all trips for the year.
  • Single trip policies may appear cheaper but if more holidays are booked then an annual policy can pay for itself after the second trip;
  • Annual policies can sometimes cover leisure and business travel;
  • Think about the sports and activities you enjoy. If you plan to go skiing in the winter, then add it to your policy when you insure your summer holiday if buying an annual policy.

Annual Multi Trip Vs. Single Trip

  Annual Single
Family policy 83.00 44.00
Individual traveller 46.00 24.00
Couple in their 40's 63.00 41.00
Couple in their 70's 182.00 116.00

Average costs based on quotes from World First Travel Insurance
Quotes based on 2 adults aged 55 and 2 children under 18 for two weeks in Europe, unless otherwise stated